Sell Something People Already Buy

I recently read an article on Duct Tape Marketing called What Kind of Business Should I Start?. The article doesn’t talk about the legal structure of your business, but rather what you should sell. Some people get the entrepreneur bug, but have no idea what to sell. Others have several ideas, but don’t know which will bring success the quickest.

I can say, from personal experience, it is much easier to sell something people already buy. I spent time with a small company selling something very innovative, useful, and important. The problem with innovative is that no one knows they need it! You first have to spend all your time selling the idea of what you are selling. The prospects’ objections will be huge, because you are asking him to spend money beyond what he normally spends. You are also asking him to take on a risk because you product or service probably has very little proof of actually working. This holds true even if you are selling something that is supposed to save him money. Obviously, the prospect has been getting by this long without your product, so why bother buying your stuff and risking time, money, and maybe even credibility?

These objections can all be overcome if you are a good salesperson, but it will take a lot of hard work and generally a long time. If your product or service is high dollar, expect to spend 1-3 years getting clients.

Now let’s look at starting a business selling something people already buy. Your prospect already spends his money on something that does what you are offering. All you have to do is convince him that you (or your proctucts) do it better, faster, or cheaper. You can get the sale in as little as one meeting!

If you do decide to sell something people are already buying, be sure you have a real, sustainable competitive advatage (almost never cost). If you can’t be the best at some aspect of your industry, don’t waste your time or money.

If you have a great idea for the next Ron Popeil style invention, don’t stifle your idea. Pursue the idea and all that goes along with it. But try giving your business some credibilty and cash flow by selling something common first.

Mike Freeman
Obviously, I’m not an inventor.

“An amazing invention - but who would ever want to use one?” -Rutherford B. Hayes when making a call on Alexander Graham Bell’s telephone.

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